New Patron partnership plans €250m Milan resi portfolio

Patron Capital has formed a partnership with FREO Group and Bluestone to acquire and develop residential projects in Milan and plans to invest around €250 million acquiring and repositioning assets.

The partners have exchanged contracts to buy their first site, a former light industrial asset, located at via Folli 24 in the Lambrate district. The partnership plans to redevelop the disused buildings as residential comprising 40 units and related amenities. The housing units will be sold individually.

Following the initial acquisition the partnership plans to achieve scale quickly, but to remain focused on Milan and it has a pipeline of additional sites within the city.

The first project will be funded by Patron Capital’s Fund VI which closed recently.

“We strongly believe in the fundamentals of the Milanese residential market and are pleased to be working alongside FREO and Bluestone and leveraging their local experience and network alongside Patron’s international experience and funding capacity,” said Patron Capital investment director and partner Matteo Busà. “Both partners bring impressive track records in the delivery of residential projects in Italy and Europe and have relevant experience in Milan, and we believe the via Folli project will be a very successful first milestone for the partnership.”